Crypto.com is the first digital exchange licensed to offer bank transfers in Malta

The company has announced that the digital asset trading platform Crypto.com is the first worldwide cryptocurrency exchange to be licensed by the Malta Financial Services Administration as a digital asset trading company (MFSA). The EMI license for Crypto.com will allow the company to issue cards and bank transfers to users in the region, according to the statement.


The first Malta EMI license is issued to Crypto.com


In its recent release, Crypto.com reports that the MFSA has worked closely with the digital asset exchange. The Class 3 Virtual Financial Assets (VFA) license for this exchange was obtained two months ago by the MFSA. On Friday, an EMI license has been granted on the trading platform and the business believes that the 'crypto-currency sector' is a 'water shielding moment.' Crypto.com says, working with the MFSA, that its goal is to offer a 'crypto-compatible trading environment.'

Kris Marszalek, co-founder and CEO of Crypto.com, stated in a statement: "We have been dedicated from day one to establish a completely regulated firm. "The best approach to achieve our objective to accelerate the world's cryptocurrency transformation is to cooperate with regulators. It is a key milestone for the overall industry to be the first world cryptocurrency platform to acquire an EMI MFSA license."

The turbulent experience with global regulators in Blockchain Island

Malta is regarded as a crypto-company hub and was even referred to as "Blockchain Island." However, in April 2020, one research predicted that around 70% of crypto-companies did not seek MFSA license. There was no licensing at the time for a digital asset business and only 26 entities had applied.

Just recently, a private meeting took place of the Financial Action Task Force (FATF) critical of Malta's island country. Government sources say around $70 billion has traveled the nation in weak rules over the previous few years. The same study notes that that crypto managers did not agree with the FATF estimate of $70 billion.

The exchange also explains how the Australian Financial Service License (AFSL) was acquired in December last year with the MFSA license announcement. In Crypto.com. The Principal Membership with Visa was also acquired by Crypto.com in March 2021. The firm also announced that it will provide Crypto.com Visa Cards in the near future, after the AFSL licence.

 

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